Yesterday, the Consumer Financial Protection Bureau (CFPB) released its fourth annual report detailing the complaints received from military servicemembers, veterans and their families. Since the CFPB first started taking complaints in July of 2011, the complaint volume has steadily risen. In 2015, the CFPB received thousands of credit reporting complaints from the military community. The reporting of inaccurate credit information was by far the most complained about followed by complaints about the credit reporting company's investigation process.
Federal Agency to Oversee Credit Reporting Agencies
In July of 2011, the Consumer Financial Protection Bureau (CFPB) became the first federal agency to oversee credit reporting agencies such as Equifax, Experian, and Trans Union. The CFPB receives complaints directly from consumers relating to credit reporting, mortgages, bank accounts and services, private student loans, consumer loans, and money transfers. In July 2013, the CFPB released a report which provides a snapshot of the complaint process and a analysis of the complaints they received. The report states that between the July 21, 2011 through June 20, 2013; 14,200 credit reporting complaints where received by consumers in the marketplace.